THESEUS MGMT: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
THESEUS MGMT
Largest movements
- Cash -€36,257
down €36,257 (-91.2%), from €39,739 to €3,482
mainly Contributions, distributions and other (-€59,610) and Short-term financial debts (-€16,722)
- Receivables within one year -€22,785
down €22,785 (-17.0%), from €134,011 to €111,226
of which Other amounts receivable: -€18,566
- Reserves -€34,586
down €34,586 (-46.5%), from €74,417 to €39,830
- Short-term financial debts -€16,722
down €16,722 (-66.7%), from €25,073 to €8,351
- Tax, wage and social debts -€13,003
down €13,003 (-40.2%), from €32,337 to €19,334
of which Taxes: -€10,109
- Other debts +€7,707
up €7,707 (+14.9%), from €51,902 to €59,610
- Trade debts -€3,003
down €3,003 (-89.0%), from €3,373 to €371
- Gross operating margin -€31,974
down €31,974 (-45.5%), from €70,279 to €38,305
- Taxes -€7,956
down €7,956 (-43.7%), from €18,189 to €10,232
- Financial income -€3,103
down €3,103 (-41.5%), from €7,474 to €4,371
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €190,119 | €130,336 | -€59,783 | -31.4% |
| Fixed assets | 21/28 | €7,476 | €6,187 | -€1,289 | -17.2% |
| Tangible fixed assets | 22/27 | €7,476 | €6,187 | -€1,289 | -17.2% |
| Furniture and vehicles | 24 | €1,020 | €483 | -€537 | -52.7% |
| Other tangible fixed assets | 26 | €6,456 | €5,705 | -€752 | -11.6% |
| Current assets | 29/58 | €182,643 | €124,149 | -€58,494 | -32.0% |
| Amounts receivable within one year | 40/41 | €134,011 | €111,226 | -€22,785 | -17.0% |
| Trade receivables | 40 | €52,376 | €48,158 | -€4,218 | -8.1% |
| Other amounts receivable | 41 | €81,635 | €63,069 | -€18,566 | -22.7% |
| Cash at bank and in hand | 54/58 | €39,739 | €3,482 | -€36,257 | -91.2% |
| Deferred charges and accrued income | 490/1 | €8,893 | €9,441 | +€548 | +6.2% |
| Total equity and liabilities | 10/49 | €190,119 | €130,336 | -€59,783 | -31.4% |
| Equity | 10/15 | €76,417 | €41,830 | -€34,586 | -45.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €74,417 | €39,830 | -€34,586 | -46.5% |
| Distributable reserves | 133 | €74,417 | €39,830 | -€34,586 | -46.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €113,702 | €88,506 | -€25,197 | -22.2% |
| Amounts payable within one year | 42/48 | €112,685 | €87,666 | -€25,020 | -22.2% |
| Financial debts | 43 | €25,073 | €8,351 | -€16,722 | -66.7% |
| Credit institutions | 430/8 | €25,073 | €8,351 | -€16,722 | -66.7% |
| Trade debts | 44 | €3,373 | €371 | -€3,003 | -89.0% |
| Suppliers | 440/4 | €3,373 | €371 | -€3,003 | -89.0% |
| Taxes, remuneration and social security | 45 | €32,337 | €19,334 | -€13,003 | -40.2% |
| Taxes | 450/3 | €29,443 | €19,334 | -€10,109 | -34.3% |
| Remuneration and social security | 454/9 | €2,894 | €0 | -€2,894 | -100% |
| Other amounts payable | 47/48 | €51,902 | €59,610 | +€7,707 | +14.9% |
| Accrued charges and deferred income | 492/3 | €1,017 | €840 | -€177 | -17.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,289 | €1,289 | = | 0.0% |
| Other operating charges | 640/8 | €5,022 | €4,886 | -€135 | -2.7% |
| Gross operating margin | 9900 | €70,279 | €38,305 | -€31,974 | -45.5% |
| Operating profit (loss) | 9901 | €63,969 | €32,131 | -€31,839 | -49.8% |
| Financial income | 75/76B | €7,474 | €4,371 | -€3,103 | -41.5% |
| Recurring financial income | 75 | €7,474 | €4,371 | -€3,103 | -41.5% |
| Financial charges | 65/66B | €1,742 | €1,246 | -€496 | -28.5% |
| Recurring financial charges | 65 | €1,742 | €1,246 | -€496 | -28.5% |
| Profit (loss) for the period before taxes | 9903 | €69,701 | €35,256 | -€34,446 | -49.4% |
| Income taxes | 67/77 | €18,189 | €10,232 | -€7,956 | -43.7% |
| Profit (loss) for the period | 9904 | €51,513 | €25,023 | -€26,489 | -51.4% |
| Profit (loss) for the period to be appropriated | 9905 | €51,513 | €25,023 | -€26,489 | -51.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.